When Is the Right Time To Buy vs. Lease an Electric Vehicle?

Electric vehicles are primarily driven by early adopters these days because the technology isn’t fully ready yet. There are three major problems that have not yet been adequately resolved:

  • Battery capacity: must have a range of more than 300 miles;
  • Charger Availability: Currently, Tesla and other EVs use different standards and cannot easily interoperate; Y
  • Charging time – Aiming for 15 minutes for a full charge and we’re still well below that.

Right now, electric cars are best as a second vehicle for short trips to local establishments or for driving in rural areas. They are not suitable for long distances, nor are they good in cities due to the lack of fast chargers.

In short, all the problems that the electric car has begins and ends with its power supply. But that’s changing very quickly, so you will likely have an electric vehicle in a 10-year horizon.

Currently, I recommend leasing an electric car rather than buying it so that the OEM and the lender take the risk of what could be an outdated battery instead of you. However, by the end of the decade we should have fixed much of this, and buying an electric car should make a lot more sense at the time, if you buy a car at all.

Let’s explore the state of affairs with electric vehicles and the key determinants you need to consider if you are considering an electric vehicle. Then we’ll close with my product of the week: a new HP laptop.

Telsa’s big decision

One of the initiatives that brings us closer to an electric car as a viable primary vehicle is Tesla’s decision, first in Europe and then in the US, to support US electric car charging standards. SAE J1772 Y CCS.

Tesla has the largest existing charging network and, although Electrify America is growing faster, it will be some time before it catches Tesla.

There are adapters to allow Tesla to use J1772 chargers (Level 1 and 2) and they cost between $ 80 and $ 160 for the most part, but an adapter that allows a person other than Tesla to charge on a Tesla network does not exist yet, but it is yet to come. .

This combination will solve much of the high-speed charging problem while significantly increasing Tesla’s revenue. People who drive Teslas may start to have more trouble waiting with fully occupied chargers due to this change. Be that as it may, an increase in charging capacity should address most of the initial charger availability issues by the end of 2023, as Tesla chargers are the most prevalent.

Encompass

With GM and Ford EVs released next year, the average range for a full-size car, SUV, or truck should be over 300 miles, which most EV owners now feel is adequate. The average right now is closer to 250 miles, which isn’t enough range given the shortage of chargers and the amount of time it takes to fully charge an EV battery.

By the end of next year, we should have most electric cars and pickup trucks capable of going over 300 miles on a charge. That, coupled with the expansion of the previous charger, means this should largely be resolved by the end of 2023 for new cars.

Loading time

Now we come to the bigger problem. To fully charge an EV quickly, we not only need powerful chargers over 300kW, which we have, but they are still rare, but we need batteries that take that power and don’t cook to a full charge. At this time, you can normally only fast charge to 80 percent. The remaining 20 percent will take a while, suggesting that a completely different battery technology is needed.

Companies are working on different formulations, packaging, and even hybrid designs that work on ultracapacitors to help with fast charging. Still, none of these are even close to cooking, and I don’t see anything short-term on the horizon.


This lack of a fast-charging battery means that all electric vehicles, unless there is a battery reset mandate, will become obsolete sometime between now and when the next-generation battery appears between 2025 and 2030.

First-generation electrics will be successfully resold until this battery technology is known. After that, the used value of the car will plummet and it will probably be more difficult to sell it, as it will be to sell an internal combustion car at that point.

Conclusion: leasing, for now

I’m not usually a fan of leasing because of the higher overall cost, but when a significant component of the car you are buying could become obsolete and no program, for a few thousand dollars, would allow you to upgrade it (yet), then you want it to the car OEM and the leasing company bear the risk.

I recommend continuing to rent electric cars until they have this new advanced battery technology. The exception would be if the supplier has an upgrade plan to avoid premature obsolescence that would allow you to convert your car to up-to-date battery technology to preserve its resale value.

The other option is to buy used. Right now, the resale value of electricity, outside of Tesla, is quite low and that substantially mitigates the risk of battery obsolescence.

By the way, even if you don’t decide to buy an electric car, you have to drive one. I’ve had mine for 2.5 years and it’s one of the most fun cars I’ve ever owned, and I don’t care about gas prices anymore.

HP EliteBook 840 Aero G8 Notebook PC

The HP EliteBook 840 Aero G8 It is a product designed primarily for station-to-station users, not road warriors. Still, it has a lot of elements that a road warrior would appreciate, such as 18 hours of battery life and around 2.5 pounds of weight. Traditionally, products in this class were known to have less than 10 hours of battery life and weights close to 4 pounds. which has been more common.

The HP Elite line is aimed more at business users than consumers, so it has HP’s core security capabilities, some optional. HP went back to using packaging that is very sustainable but does not focus on looking good on a shelf.

The Aero version of this product is lighter than the regular version by about a half pound, which can make a difference if you carry it between meetings. But station-to-station users are generally less concerned with weight, so the slightly less expensive and heavier standard 840 G8 may serve you better if you are solidly in the target class of station-to-station users. station.

Front View of the HP EliteBook 840 Aero G8 Notebook PC

HP EliteBook 840 Aero G8 Notebook PC


While this is not an advanced design product, it still has nice clean lines and most users should find it more than attractive enough; although there is only one color option, which is silver. This laptop is an Intel Evo product, which means that it will work in line with other Evo products in its class, and it is compatible with Windows 11.

Prices range from $ 1,600 to close to $ 3K depending on configuration. Still, the entry-level option should be more than adequate for most users, given that the device they are likely to replace will be much slower, heavier, and have much less battery life.

Because this is a station-to-station product, it has many ports, two of them Thunderbolt and one HDMI, so you can more easily use it as a desktop replacement.

Unfortunately, as of this writing, there is a long wait to get this laptop due to demand and parts shortages. But if you can pull it off, the right user HP EliteBook 840 Aero G8 Notebook PC should be a dream, and it’s my product of the week.

The opinions expressed in this article are those of the author and do not necessarily reflect the views of ECT News Network.

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